Gold Speculators cut back on their bullish bets last week

December 2, 2019

December 2nd – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators lowered their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday (delayed due to Thanksgiving holiday).

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 271,634 contracts in the data reported through Tuesday November 26th. This was a weekly change of -14,225 net contracts from the previous week which had a total of 285,859 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -12,010 contracts (to a weekly total of 325,286 contracts) while the gross bearish position (shorts) rose by 2,215 contracts for the week (to a total of 53,652 contracts).


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Gold speculators had increased their bullish positions in four out of the previous five weeks before last week’s decline. The overall bullish position remains strong and above the +250,000 net contract level for a nineteenth straight week.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -305,467 contracts on the week. This was a weekly rise of 13,628 contracts from the total net of -319,095 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1467.40 which was a decrease of $-6.90 from the previous close of $1474.30, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).

Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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